Bristow Group Inc (VTOL) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to Bristow Group's third-quarter of 2025 earnings call. Today's call is being recorded. (Operator Instructions)

大家好，歡迎參加 Bristow Group 2025 年第三季財報電話會議。今天的通話將會被錄音。（操作說明）

At this time, I'd like to turn the call over to Red Tilahun, Senior Manager of Investor Relations and Financial Reporting.

此時，我想把電話交給投資人關係和財務報告高級經理雷德·蒂拉洪。

Thank you, Luke. Good morning, everyone, and welcome to Bristow Group's third quarter of 2025 earnings call. I am joined on the call today with our President and Chief Executive Officer, Chris Bradshaw; and Senior Vice President and Chief Financial Officer, Jennifer Whalen.

謝謝你，盧克。各位早安，歡迎參加 Bristow Group 2025 年第三季財報電話會議。今天與我一起參加電話會議的有我們的總裁兼首席執行官克里斯·布拉德肖，以及高級副總裁兼首席財務官詹妮弗·惠倫。

Before we begin, I'd like to take this opportunity to remind everyone that during the course of this call, management may make forward-looking statements that are subject to risks and uncertainties that are described in more detail on slide 3 of our investor presentation. You may access the investor presentation on our website. We will also reference certain non-GAAP financial measures such as EBITDA and free cash flow. A reconciliation of such measures to GAAP is included in the earnings released and the investor presentation.

在開始之前，我想藉此機會提醒大家，在本次電話會議期間，管理層可能會發表一些前瞻性聲明，這些聲明存在風險和不確定性，我們在投資者演示文稿的第 3 頁中有更詳細的描述。您可以在我們的網站上查看投資者簡報。我們也會參考一些非GAAP財務指標，例如EBITDA和自由現金流。此類措施與 GAAP 的核對錶已包含在發布的收益報告和投資者簡報中。

I'll now turn the call over to our President and CEO. Chris?

現在我將把電話轉交給我們的總裁兼執行長。克里斯？

Thank you, Red. To begin, I want to commend the Bristow team for their steadfast dedication to deliver safe, efficient, and reliable services despite the persistent supply chain challenges that have plagued the aviation industry in general and the civilian helicopter industry in particular for the last four years. I appreciate our team's unwavering commitment to operational excellence and delivering the best possible outcomes for our customers and stakeholders.

謝謝你，雷德。首先，我要讚揚 Bristow 團隊，儘管過去四年來航空業，特別是民用直升機行業，一直面臨著持續的供應鏈挑戰，但他們仍然堅定不移地致力於提供安全、高效和可靠的服務。我讚賞我們團隊對卓越營運的堅定承諾，以及為客戶和利害關係人帶來最佳成果的努力。

We are also pleased to report another quarter of strong financial performance with adjusted EBITDA of $67.1 million in Q3 2025. Looking forward, Bristow continues to have a positive outlook for Offshore Energy Services activity. Deepwater projects are favorably positioned, offering attractive relative returns within the asset portfolios of oil and gas companies. And we believe offshore projects will receive an increasing share of upstream capital investment.

我們很高興地宣布，2025 年第三季財務業績依然強勁，調整後 EBITDA 為 6,710 萬美元。展望未來，Bristow 對海上能源服務業務仍持樂觀態度。深水工程具有有利地位，在石油和天然氣公司的資產組合中可提供有吸引力的相對回報。我們相信，海上計畫將獲得越來越多的上游資本投資。

This positive long-term demand outlook is paired with a tight supply dynamic. The fleet status for offshore-configured heavy and super-medium helicopters remains near full effective utilization levels. The ability to bring in new capacity remains constrained, with production lines that must be shared with military aircraft orders and current manufacturing lead times of approximately 24 months.

這種積極的長期需求前景與緊張的供應情況相伴而生。海上作業用重型和超中型直升機的機隊狀況仍然接近滿載有效利用水準。由於生產線必須與軍用飛機訂單共享，目前的生產週期約為 24 個月，因此引進新產能的能力仍然受到限制。

We believe the tight supply of offshore helicopters supports a more constructive outlook for our sector relative to some other offshore equipment sectors. In addition, 2026 represents an important inflection point for Bristow's Government Services business. As we reach the full operational run rate under the Irish Coast Guard contract and continue the transition to the new UKSAR2G contract in the United Kingdom.

我們認為，海上直升機供應緊張，這有利於我們行業相對於其他一些海上設備行業的更積極前景。此外，2026 年對於 Bristow 的政府服務業務而言是一個重要的轉捩點。隨著我們在愛爾蘭海岸警衛隊合約下達到全面營運運行率，並繼續向英國新的 UKSAR2G 合約過渡。

While the costs incurred to effectuate these contract transitions have caused a negative drag on profitability in 2025, that impact inverts in 2026, with adjusted operating income from our Government Services business nearly doubling year over year. For the company as a whole, I would highlight that the midpoint of FRSTO's 2026 adjusted EBITDA guidance represent a 27% increase over the midpoint in 2025, reflecting the robust growth expectations for our business.

雖然為實現這些合約過渡而產生的成本對 2025 年的盈利能力造成了負面影響，但這種影響在 2026 年發生了逆轉，我們政府服務業務的調整後營業收入幾乎同比增長了一倍。就公司整體而言，我想強調的是，FRSTO 2026 年調整後 EBITDA 指引的中點值比 2025 年的中點值增長了 27%，這反映了我們業務強勁的成長預期。

I will now hand it over to our CFO for a more detailed discussion of Q3 results and our financial outlook. Jennifer?

現在我將把這個主題交給我們的財務官，讓他更詳細地討論第三季業績和財務展望。珍妮佛？

Thank you, Chris. And good morning, everyone. As Chris noted, we are pleased to report another quarter of strong financial results with total revenues reflecting an increase of $9.9 million and adjusted EBITDA reflecting an increase of $6.4 million on a consolidated sequential basis, both of which were primarily driven by our Government Services and Other Services segments. We have also updated and tightened our 2025 and 2026 outlook ranges, which I will discuss further on during this call.

謝謝你，克里斯。大家早安。正如克里斯指出的那樣，我們很高興地報告，本季度財務業績強勁增長，總收入環比增長 990 萬美元，調整後 EBITDA 環比增長 640 萬美元，這兩項增長主要得益於我們的政府服務和其他服務部門。我們也更新並收緊了 2025 年和 2026 年的展望範圍，我將在本次電話會議中進一步討論這一點。

Turning now to our sequential quarter segment financial results, beginning with our Offshore Energy Services, or OES, segment. Revenues and adjusted operating income were both $2.4 million lower this quarter. Revenues in Europe and Africa were $6.6 million and $1.5 million lower, respectively, primarily due to lower utilization, while revenues in the Americas were $5.7 million higher, primarily due to higher utilization.

現在來看看我們各季度的財務業績，首先是我們的海上能源服務（OES）部門。本季營收和調整後營業收入均下降了240萬美元。歐洲和非洲的收入分別減少了 660 萬美元和 150 萬美元，主要原因是利用率降低；而美洲的收入增加了 570 萬美元，主要原因是利用率提高。

The lower revenues were partially offset by lower general and administrative expenses due to a decrease in professional services fees. Overall, operating expenses were consistent with the preceding quarter, primarily due to higher personnel costs of $7.3 million due to the absence of a seasonal personnel cost benefit in Norway in the preceding quarter and higher benefits and overtime costs in the current quarter. These increases were offset by lower repairs and maintenance costs of $5.3 million, driven by higher vendor credit, and a decrease in other operating expenses of $2.3 million.

收入下降的部分原因在於專業服務費的減少，導致一般及行政開支降低。總體而言，營運費用與上一季基本持平，主要原因是由於上一季挪威沒有季節性人員成本優惠，導致人員成本增加 730 萬美元，以及本季福利和加班費成本增加。這些成長被維修和維護成本降低 530 萬美元（主要得益於供應商信貸增加）以及其他營運費用降低 230 萬美元所抵消。

Moving on to Government Services, revenues were $8.4 million higher, primarily due to the ongoing transition of the Irish Coast Guard contract, as an additional base commenced operations in the third quarter. Operating expenses were $2.8 million higher and largely comprised of higher subcontractor costs, increased amortization of deferred costs, and higher personnel costs, all of which were related to the new Government Services contract.

再來看政府服務，收入增加了 840 萬美元，這主要是由於愛爾蘭海岸警衛隊合約的持續過渡，因為第三季又增加了一個基地開始運作。營運費用增加了 280 萬美元，主要包括分包商成本增加、遞延成本攤銷增加以及人員成本增加，所有這些都與新的政府服務合約有關。

Repairs and maintenance costs, however, were $4 million lower due to higher vendor credit and the timing of repairs. General and administrative expenses were $0.8 million higher, primarily due to higher professional services fees and personnel costs related to contract transitions. Adjusted operating income for this segment was $4.8 million higher this quarter.

然而，由於供應商信用額度較高以及維修時間安排合理，維修和維護成本減少了 400 萬美元。一般及行政費用增加了 80 萬美元，主要是由於合約過渡相關的專業服務費和人員成本增加所致。本季該業務部門的調整後營業收入增加了 480 萬美元。

Before we move on to our Other Services segment, I'd like to provide color on the references to vendor credit in our OES and Government Services segments. In our industry, OEM or vendor credit are common practice and generally provided for reasons such as credits tied to asset purchases, particularly when a customer has placed orders for several aircraft; OEM performance and delays; and incentives when entering or extending long-term maintenance contracts or as refunds when exiting such contracts.

在我們進入「其他服務」部分之前，我想先簡要說明一下我們在 OES 和政府服務部分中提到的供應商信用問題。在我們這個行業，OEM 或供應商信貸是一種常見的做法，通常用於以下情況：與資產購買相關的信貸，特別是當客戶訂購多架飛機時；OEM 的履約和延誤；以及簽訂或延長長期維護合約時的激勵措施，或終止此類合約時的退款。

While we have historically received vendor credits and applied them towards aircraft and inventory parts purchases or ongoing maintenance, we've benefited more materially from such credits this quarter and continue to value our strong relationships with our OEMs. As a reminder, Bristow is the world's largest operator of F92, AW189, and AW139 helicopter models, which remain the most in-demand models for both offshore crew transportation and SAR missions.

雖然我們過去曾收到供應商的信用額度，並將其用於購買飛機和庫存零件或進行持續維護，但本季度我們從這些信用額度中獲得了更實質性的收益，並且我們繼續重視與原始設備製造商的牢固關係。需要提醒的是，Bristow 是全球最大的 F92、AW189 和 AW139 型直升機營運商，這些機型仍然是海上人員運輸和搜救任務中最受歡迎的機型。

Finally, revenues from Other Services were $3.8 million higher, primarily due to higher activity in Australia of $4.8 million, partially offset by the conclusion of a dry lease contract. The higher revenues were partially offset by higher operating expenses of $1.9 million related to the increased activity in Australia. As a result, adjusted operating income was $1.9 million higher this quarter.

最後，其他服務收入增加了 380 萬美元，主要是由於澳洲的業務活動增加了 480 萬美元，但部分被一份幹租合約的簽訂所抵消。收入的成長部分被與澳洲業務成長相關的 190 萬美元營運支出所抵銷。因此，本季調整後的營業收入增加了 190 萬美元。

Moving on to Bristow's financial outlook. You may recall from our previous earnings calls that the primary factors that could buy us results to either end of our guidance range include supply chain dynamics that impact aircraft availability, customer activity levels influenced by global energy demand, new contract transitions, and the exchange rates of foreign currencies relative to the US dollar, namely the British pound sterling and to a lesser extent the euro.

接下來我們來看看布里斯託的財務前景。您可能還記得我們在先前的財報電話會議上提到過，可能影響我們業績達到預期範圍兩端的主要因素包括影響飛機可用性的供應鏈動態、受全球能源需求影響的客戶活動水平、新合約的過渡以及外幣兌美元的匯率，特別是英鎊兌美元的匯率，以及歐元兌美元的匯率（儘管歐元兌美元的匯率影響較小）。

As such, we are tightening our 2025 adjusted EBITDA range to $240 million to $250 million on total projected revenues of $1.46 billion to $1.53 billion. For 2026, we are tightening our adjusted EBITDA range to $295 million to $325 million on total projected revenues of $1.6 billion to $1.7 billion. This represents an approximately 27% increase in adjusted EBITDA from the 2025 to 2026 midpoint.

因此，我們將 2025 年調整後 EBITDA 範圍收窄至 2.4 億美元至 2.5 億美元，預計總營收為 14.6 億美元至 15.3 億美元。2026 年，我們將調整後的 EBITDA 範圍收窄至 2.95 億美元至 3.25 億美元，預計總營收為 16 億美元至 17 億美元。這意味著 2025 年到 2026 年的中點，調整後的 EBITDA 將成長約 27%。

Given better visibility into operating costs and expected customer activity levels, we are updating the adjusted operating income guidance ranges for our OES segment to approximately $200 million for 2025. Despite current market conditions in the energy sector, we expect strong performance from this segment to continue in 2026 as evidenced by the updated adjusted operating income range of $225 million to $235 million, representing a 15% year-over-year increase from the midpoint.

鑑於營運成本和預期客戶活動水準有了更清晰的可見性，我們將 OES 部門 2025 年的調整後營業收入預期範圍更新為約 2 億美元。儘管能源產業目前的市場狀況不佳，但我們預計該板塊在 2026 年將繼續保持強勁的業績，這從更新後的調整後營業收入範圍 2.25 億美元至 2.35 億美元中點值來看可見一斑，較上年同期增長 15%。

While margins in our Government Services segment improved this quarter, and the capital investment for our two new government contracts have largely concluded, we expect this segment will continue to feel the effects of new contract transitions until they are fully operational. The strong margins and earning potential of this business will continue to improve as the operations and revenues for the contract continue to ramp.

雖然本季度我們政府服務部門的利潤率有所提高，而且我們兩項新政府合約的資本投資也已基本完成，但我們預計，在新合約全面投入運營之前，該部門將繼續感受到新合約過渡的影響。隨著合約營運和收入的持續成長，這項業務的強勁利潤率和獲利潛力將繼續提高。

The 2026 midpoint for our adjusted operating income range reflects a 76% increase compared to 2025. And in Other Services, we expect the approved economics of our regional airline in Australia to persist and for this segment to remain consistent and cash flow accretive.

我們調整後的 2026 年營業收入範圍中點值比 2025 年增長了 76%。在其他服務方面，我們預計我們在澳洲的區域航空公司已批准的經濟效益將得以維持，並且該業務板塊將保持穩定並實現現金流成長。

Turning now to cash flows. Operating cash flows generated approximately $122 million year-to-date 2025 compared to $126 million in the prior year. Working capital continues to be impacted by increases in inventory to support new contracts and mitigate risks related to supply chain constraints and an increase in other assets primarily related to startup costs for new Government Services contracts.

接下來我們來看現金流。截至 2025 年，經營現金流約為 1.22 億美元，而去年同期為 1.26 億美元。營運資金持續受到庫存增加的影響，以支持新合約並降低與供應鏈限制相關的風險，以及其他資產增加的影響，這些資產主要與新的政府服務合約的啟動成本有關。

However, we expect working capital to improve over time as supply chain constraints subside and our new contracts include their transition periods and reach their full operational run rate. Additionally, as of the third quarter, our unrestricted cash balance was approximately $246 million with a total available liquidity of $313 million.

然而，我們預計隨著供應鏈限制的緩解，以及新合約包含過渡期並達到全面營運水平，營運資金將逐漸改善。此外，截至第三季度，我們的非限制性現金餘額約為 2.46 億美元，可用流動資金總額為 3.13 億美元。

Moving on to our previously announced capital allocation targets, we made an additional $25 million of accelerated principal payments on the UK SAR debt facility in the current quarter, bringing the total accelerated payments to $40 million this year. In summary, we remain focused on meeting our financial and operational targets and executing our capital allocation strategy while continuing to benefit from and working to maintain a strong balance sheet and liquidity position.

接下來，我們繼續推進先前宣布的資本配置目標，本季我們向英國南非債務融資額外支付了 2,500 萬美元的加速本金，使今年的加速支付總額達到 4,000 萬美元。總而言之，我們將繼續專注於實現財務和營運目標，執行資本配置策略，同時繼續受益於並努力維持強勁的資產負債表和流動性狀況。

At this time, I'll turn the call back to Chris for further remarks. Chris?

此時，我將把電話轉回給克里斯，請他作進一步發言。克里斯？

Thank you. In conclusion, we are pleased to highlight the company's robust growth outlook for 2026, as evidenced by expected adjusted EBITDA growth of approximately 27% year over year. This outlook is supported by the growth and stability of our Government Services business, the heavy weighting of our Offshore Energy Services business, the more stable production support activities, and the breadth and diversity of the geographic markets we serve.

謝謝。總之，我們很高興地強調公司 2026 年強勁的成長前景，預計調整後 EBITDA 將年增約 27%。這一前景得益於我們政府服務業務的成長和穩定性、我們海上能源服務業務的顯著成長、更穩定的生產支援活動，以及我們所服務的地域市場的廣度和多樣性。

With that, let's open the line for questions. Luke?

接下來，我們開放提問環節。盧克？

(Operator Instructions) Jason Bandel, Evercore ISI. Your line is now open. Please go ahead.

（操作說明）Jason Bandel，Evercore ISI。您的線路已開通。請繼續。

Thanks. Good morning, Chris, Jennifer, and Red.

謝謝。早上好，克里斯、珍妮佛和雷德。

Good morning.

早安.

Good morning.

早安.

I wanted to first ask about your guidance in OES. I give you guys a lot of credit for providing two-year forward guidance, and most give only one quarter forward. But given the lower utilization in OES during the quarter, and I guess the tightening of the forward guidance that you talk about, Jennifer, to be slightly lower, what kind of implications should we make about the market given that? And is this a sign that customer demand for helicopters is beginning to weaken in the short term? Or how should we think about it?

我首先想請教一下您在 OES 方面的指導意見。你們提供了長達兩年的業績指引，我非常讚賞，因為大多數公司只提供未來一個季度的業績指引。但鑑於本季度 OES 利用率較低，而且正如你所說，Jennifer，前瞻性指引也略有下調，有鑑於此，我們應該對市場做出怎樣的推斷？這是否意味著短期內客戶對直升機的需求開始減弱？或者我們應該如何看待這個問題？

Yes, thanks for the question. As you noted, we did tighten the range this quarter. That's consistent with how we generally approach as we near the end of a period slash the beginning of a new one. We'll look to narrow that range. In this case, that updated guidance did impact the midpoint by about 2%. But in terms of the guidance around the OES business specifically, I would point to two main factors.

是的，謝謝你的提問。正如您所指出的，我們本季確實收緊了價格區間。這與我們通常在一個時期即將結束/新時期即將開始時所採取的做法是一致的。我們將努力縮小這個範圍。在這種情況下，更新後的指導意見確實對中點數值產生了約 2% 的影響。但就 OES 業務的具體指導而言，我想指出兩個主要因素。

First, we have experienced some persistent supply chain challenges that are impacting aircraft availability. In some cases, that might result in lost revenue opportunities. In other cases, particularly on some legacy contracts, it may result in some contractual penalties under the contract related to aircraft availability.

首先，我們遇到了一些持續的供應鏈挑戰，這影響了飛機的可用性。在某些情況下，這可能會導致收入機會的損失。在其他情況下，特別是某些遺留合同，可能會導致與飛機可用性相關的合約項下的一些違約金。

And then the second category I would point to is fewer aircraft, a small number, on contract in the North Sea and the US. But overall, again, still expecting positive Offshore Energy Services activity and growth for our business. And overall for the company, really highlighting that we're expecting 27% growth in our adjusted EBITDA year over year, which I think within our sector, within a peer group, is a real positive differentiator. I'm not sure that anyone else is pointing to that kind of growth in the next year.

其次，我要指出的第二類情況是，北海和美國簽訂合約的飛機數量較少，數量也較少。但總體而言，我們仍然預期海上能源服務業務將保持積極態勢並實現成長。總體而言，對於公司而言，真正值得強調的是，我們預計調整後的 EBITDA 將同比增長 27%，我認為這在我們所在的行業、在同行群體中，是一個真正的積極差異化優勢。我不確定明年是否有其他人預測會出現這種增長。

Yes, no, I agree, Chris. And as a follow up to that, I guess since that was more of kind of a macro level, can we discuss your current outlook for your main OES markets and regions, given some of the seasonality you have in your business? And if you can kind of just go around and what you're seeing out there would be helpful.

是的，沒錯，我同意，克里斯。作為後續討論，鑑於剛才的內容更多是宏觀層面的，考慮到貴公司業務的季節性因素，我們能否討論一下您目前對主要OES市場和地區的展望？如果你能四處走走，把你看到的景象分享出來，那將會很有幫助。

Yes, happy to do that. I would probably start with Brazil, which is the market that we believe continues to have some of the best, if not the best, growth prospects for any of the offshore regions, really right near there in the same category would be Africa, where we're seeing continued demand and a need for additional aircraft in our business there. And I'd also add the Caribbean to that list, which is still growing.

是的，我很樂意這樣做。我可能會先從巴西說起，我們認為巴西市場仍然是所有離岸地區中成長前景最好的市場之一，甚至可以說是最好的。同樣，非洲市場也處於同一水平，我們看到那裡的需求持續成長，並且我們的業務需要更多的飛機。我還要把加勒比海地區也加到這個名單裡，而且這個名單還在不斷擴大中。

So each one of those markets are ones that, again, are still growing. We're seeing net aircraft inflows, meaning that we're mobilizing additional capacity into those markets to meet the demand. The US, I would say, is mostly stable, though with less ad hoc work. So the US Gulf is an area where we typically would see a lot of ad hoc aircraft over and above the contracted fleet count. That has admittedly decreased some, which I think is an indication of stable activity that's able to be addressed by the contracted fleet levels. And then finally on the less positive side would be the North Sea, which is softer in terms of activity.

所以，這些市場都還在持續成長。我們看到飛機淨流入量增加，這意味著我們正在調動更多運力進入這些市場以滿足需求。我認為美國總體上比較穩定，儘管臨時性工作較少。因此，在美國海灣地區，我們通常會看到許多臨時部署的飛機，數量超出合約規定的機隊規模。誠然，這種情況有所減少，但我認為這表明業務活動穩定，可以透過合約規定的船隊規模來應對。最後，情況不太樂觀的是北海，那裡的活動相對較少。

Thanks for that additional color. That was helpful. And just one last quick one, since you brought up in the prepared remarks on the vendor credits, since some might not be as familiar with those. Why were those materially higher this quarter, and do you guys typically include that in your guidance? Thanks.

謝謝你增添了這抹色彩。那很有幫助。最後再快速問一個問題，因為你在準備好的發言稿中提到了供應商積分，因為有些人可能不太熟悉這些積分。為什麼本季這些指標大幅上升？你們通常會把這些因素納入業績預期嗎？謝謝。

Sure. I mean, it's an indication of the increased activity that we've had. And I noted the few different ways that we -- that credits come about, right, by an aircraft the incentives when you enter into long-term maintenance contracts or you exit aircraft out of those contracts, and then OEM performance and delays. So all of that is It's a mixture of all those credits. This is not anything new. It's just an increased activity we've always experienced with credits. So as activity levels continue to be increased, there's likely to be a heightened level of credits over the next period of time.

當然。我的意思是，這表明我們的活動量有所增加。我注意到，我們獲得積分的方式有幾種，對吧？例如，飛機簽訂長期維修合約或退出這些合約時所獲得的激勵措施，以及原始設備製造商的績效和延誤。所以，這一切都是所有這些因素的綜合體現。這並非什麼新鮮事。這只是我們一直以來在學分使用方面所經歷的增加的活動而已。因此，隨著活動水準的持續提高，未來一段時間內信貸水準可能會有所提高。

Understood. Thanks for taking my questions. I'll turn it back.

明白了。謝謝您回答我的問題。我會把它轉回去。

Thank you.

謝謝。

Josh Sullivan, Jones Trading.

喬許沙利文，瓊斯貿易公司。

Hey, good morning.

嘿，早安。

Morning, Josh.

早安，喬希。

How many aircraft are you aiming to take delivery of for each of your segments? And then I guess you could just touch on maybe the timing and location where these aircraft are expected to be deployed.

你們每個業務板塊計劃接收多少架飛機？然後，我想你也可以簡單談談這些飛機預計部署的時間和地點。

Yes, I would say there are really two categories of pending deliveries. The first are aircraft that we've actually already taken delivery of from the OEM, but are not yet placed into our operating fleet count as we're completing final configuration and modifications on those aircraft. In our Government Services, business, that would be the right category for the pending deliveries.

是的，我認為待交付的貨物確實分為兩類。第一類是我們已經從原始設備製造商接收的飛機，但由於我們正在完成這些飛機的最終配置和改裝，因此尚未將其納入我們的操作機隊統計。在我們政府服務業務中，這才是待交付貨物的正確類別。

So we've taken delivery of five aircraft that are, again, undergoing final modifications now before being placed into operations. Two of those are AW189s that are going to the Irish Coast Guard contract in Ireland, and three of them are AW139 aircraft that are going to the new SAR2G contract in the United Kingdom.

我們已經接收了五架飛機，這些飛機目前正在進行最後的改裝，之後將投入使用。其中兩架是 AW189，將交付給愛爾蘭海岸警衛隊；另外三架是 AW139 飛機，將交付給英國新的 SAR2G 合約。

The second category of pending deliveries are aircraft that are still under construction by the OEM, we have not yet taken physical delivery of these aircraft. That category would characterize the remainder, which is seven offshore, so OES configured AW189 that we have on order. We know where those are going. Those locations are going to be split between Brazil, Africa, and the North Sea.

第二類待交付飛機是仍在由原始設備製造商 (OEM) 建造的飛機，我們尚未實際接收這些飛機。該類別將涵蓋其餘部分，即七艘海上作業船，以及我們訂購的 OES 配置的 AW189。我們知道這些東西要運往哪裡。這些地點將分佈在巴西、非洲和北海地區。

Got it. And then where between those two groups -- or just generally, like, where are the primary supply chain bottlenecks at this point?

知道了。那麼，這兩類群體之間——或者更廣泛地說，目前主要的供應鏈瓶頸在哪裡？

Yes, we're still seeing significant supply chain issues, I'd say, across the board, unfortunately. So this is impacting the aftermarket, so delays for parts, components that we need to maintain the aircraft, keep them operational and in service. Over the last few years, we had more of a concentration of that type of challenge in a particular model, namely the S-92 heavy helicopter.

是的，很遺憾，我認為各個環節仍然存在嚴重的供應鏈問題。因此，這會影響售後市場，導致我們維護飛機、使其保持運作和服務所需的零件延誤。過去幾年，我們在特定型號的直升機上，也就是 S-92 重型直升機上，遇到了更多這類挑戰。

However, we're seeing -- while that situation has actually improved some, so it's ameliorated, though not quite where we would want it to be, we're seeing now similar issues with other helicopter models, for example, the AW189. So aftermarket support would be one category. This is now also impacting the timing of new deliveries. So not so much for the government side, because I mentioned we've already taken delivery of those aircraft now and are putting them through final modifications. But on the offshore-configured AW189s, expect there will be delays in aircraft coming off the production line.

然而，我們看到——雖然這種情況實際上有所改善，有所緩解，但還沒有達到我們希望的狀態，我們現在看到其他直升機型號也出現了類似的問題，例如 AW189。因此，售後支援算是一個類別。現在，這也影響了新貨的交貨時間。所以對政府方面來說倒沒什麼，因為我已經提到過，我們現在已經接收了這些飛機，正在進行最後的改裝。但對於海上配置的 AW189 飛機，預計飛機下線將會延誤。

A lot of that relates to something you'll be familiar with, Josh, which is just the complexity of a modern aviation supply chain, where the OEM itself over the last several decades has outsourced to an increasing number of subcontractors and vendors. And as they're now looking to produce these aircraft, they're having their own struggles in sourcing some of the components on time to meet the expected delivery schedules. So it's really both aftermarket and new deliveries that are being impacted by these supply chain issues in the industry.

喬希，這其中許多都與你熟悉的事情有關，那就是現代航空供應鏈的複雜性，在過去的幾十年裡，原始設備製造商 (OEM) 本身已經將業務外包給了越來越多的分包商和供應商。而當他們現在著手生產這些飛機時，他們在按時採購一些零件以滿足預期的交付計劃方面也遇到了困難。因此，受產業供應鏈問題影響的不僅是售後市場，還有新車交車。

And then I guess maybe a related question, just what does CapEx maybe look like in '26 as a result?

那麼，或許可以問一個相關的問題，2026 年的資本支出可能會是什麼樣子呢？

So we see total CapEx in '26 of about $100 million. So that's, in round numbers, roughly $20 million of maintenance and another $80 million of growth on a net basis, which is really related to those offshore-configured AW189s that I mentioned. So one thing I would highlight there is if you take that full $100 million of CapEx growth and maintenance, run it through the waterfall of the guidance we've provided, you're still looking at approximately $140 million of free cash flow in 2026 at the midpoint of guidance, which on a company that has an equity market cap of roughly $1 billion, $140 million is a pretty healthy free cash flow yield in our view.

因此，我們預計 2026 年的總資本支出約為 1 億美元。所以，粗略估計，維護費用約為 2000 萬美元，淨增長費用為 8000 萬美元，這實際上與我提到的那些離岸配置的 AW189 有關。因此，我想強調的一點是，如果將這 1 億美元的資本支出成長和維護費用全部納入我們提供的指導方案中，那麼到 2026 年，按照指導方案的中點計算，自由現金流仍然約為 1.4 億美元。對於一家市值約 10 億美元的公司來說，1.4 億美元的自由現金流收益率在我們看來相當可觀。

Yes, I think so. And I guess just one last one, just any updates on the advanced mobility trials, BETA, Elroy, others, just how is that dynamic progressing?

是的，我也這麼認為。最後一個問題，關於高級移動性試驗、BETA、Elroy 等，有什麼最新進展嗎？這個動態過程進展如何？

Yes, thanks for the question. I'd say that's going very well. As you may be aware, we launched in August a Norway sandbox project, which really represents a first-of-its-kind real-world flight testing of pre-certified aircraft that's being sponsored by the Norwegian government in partnership with the OEM, which in this case is BETA Technologies. And congratulations to our friends and partners at BETA Technologies for their IPO in the New York Stock Exchange yesterday. It was a nice milestone for them.

是的，謝謝你的提問。我覺得進展非常順利。您可能已經知道，我們在 8 月啟動了一個挪威沙盒項目，這實際上是挪威政府與 OEM（在本例中是 BETA Technologies）合作贊助的，對預認證飛機進行的首創真實世界飛行測試。恭喜我們的朋友和合作夥伴 BETA Technologies 昨天在紐約證券交易所成功上市。對他們來說，這是一個重要的里程碑。

And here in the test arena in Norway, we're using the BETA CX-300 all-electric aircraft that's being operated by Bristow. So what this is allowing us to do is collect real-world data to validate the function and learn. So what's the aircraft -- what are the batteries actually doing in different temperatures at different altitudes, et cetera? And take that, incorporate that again into the learnings, which, again, first of its kind, test arena. We see this as being an important step in commercializing advanced air mobility, and we see this type of model being probably likely replicated replicated in other countries and with other AAM model aircraft as well.

在挪威的測試場地，我們正在使用由 Bristow 公司營運的 BETA CX-300 全電動飛機。因此，這使我們能夠收集真實世界的數據來驗證該功能並從中學習。那麼，飛機在不同溫度、不同高度等條件下，電池的實際表現如何呢？然後把這些經驗再次融入學習中，這又是第一個這類測驗領域。我們認為這是先進空中交通商業化的重要一步，我們認為這種模式很可能會在其他國家以及其他空中交通模型飛機上複製。

Great. I'll leave it there. Thank you for the time.

偉大的。我就說到這兒吧。感謝您抽出時間。

Thanks, Josh.

謝謝你，喬希。

Steve Silver, Argus Research.

史蒂夫·西爾弗，阿格斯研究公司。

Thanks, operator, and thanks for taking my questions. They're mostly housekeeping. Just in terms of the asset sales that you guys reported this quarter, and then also the proceeds from the sales to helicopters, something you could provide any color just on the nature of these sales and whether we should expect any further activity like this over the coming years?

謝謝接線員，也謝謝您回答我的問題。他們大多是做家事的。就你們本季報告的資產出售情況，以及直升機出售所得款項而言，你們能否就這些出售的性質提供一些信息，並說明我們是否應該預期未來幾年會有類似的活動？

Sure. Good morning, Steve.

當然。早安，史蒂夫。

Good morning.

早安.

So we opportunistically sell assets when they're no longer needed in our fleet. Typically, there are older assets that have outlasted their feasibility in the market's reserve and typically sold into other markets like utility or firefighting. In addition, we will look at opportunities to do sale-leaseback transactions when those make sense for helicopters in our fleet. In the case of this quarter, we performed a sale-leaseback transaction on one of our new SAR aircraft, which accounted for much of that sales proceeds for this quarter, and we did then sell an older asset as well.

因此，當某些資產不再需要用於我們的車隊時，我們會伺機出售它們。通常情況下，市場儲備中會有一些老舊資產，這些資產已經失去了其可行性，通常會被出售到其他市場，例如公用事業或消防領域。此外，當出售回租交易對我們機隊的直升機有意義時，我們也會考慮進行此類交易。在本季度，我們對一架新的搜救飛機進行了售後回租交易，這筆交易占本季銷售收入的大部分，此外，我們還出售了一架舊資產。

Great. Thanks. And one more, if I may. On the income tax benefit in Q3, hoping you could just discuss the future outlook on the tax line, especially on the effective tax rate, what your thoughts are as the net income position of the company continues to grow.

偉大的。謝謝。如果可以的話，我再補充一個問題。關於第三季的所得稅優惠，希望您能談談未來稅收方面的展望，特別是實際稅率，以及隨著公司淨收入持續增長，您對此有何看法。

Sure, so related to this quarter, each quarter we do review the attributes for our different tax positions by our different jurisdictions that we're in. This quarter, we determined that the valuation allowance we had on our Australian operation could be removed due to the positive results we have with that part of our business. So this release of the valuation allowance was the primary driver for the one-time tax benefit. So I wouldn't expect that -- that was a one-time deal. So as our profitability does improve, our tax rate will be closer to a normalized tax rate. We have -- we're in many different jurisdictions, so it'll be some average tax rate a little bit somewhat north of what the US tax rate is.

當然，與本季相關的是，每季我們都會審查我們在不同司法管轄區內不同稅務狀況的屬性。本季度，由於我們在澳洲業務方面取得了積極的成果，我們決定取消先前對澳洲業務提列的估值準備金。因此，此次估值補貼的釋放是這項一次性稅收優惠的主要驅動因素。所以我不認為會是這樣——那隻是一次性的交易。因此，隨著我們獲利能力的提高，我們的稅率將更接近正常稅率。我們業務遍及多個司法管轄區，因此平均稅率會比美國稅率略高一些。

Great. Thanks for the additional color.

偉大的。謝謝你提供的額外色彩。

Colby Sasso, Daniel Energy Partners.

Colby Sasso，Daniel Energy Partners。

Hi. Thanks for taking my question. A number of larger integrated EMPs have talked on their conference calls about a need for more exploratory drilling over the next few years. Do you see this as a focus for your customers moving forward?

你好。謝謝您回答我的問題。一些規模較大的綜合性能源管理公司在電話會議上談到，未來幾年需要進行更多的勘探性鑽井。您認為這將是您客戶未來關注的重點嗎？

Yes. Good morning, and thanks for the question. Yes, we do see that as a focus moving forward. Our business is really much more weighted to production support activity, with 85% of our revenues from Offshore Energy Services driven by production activities. For the remainder, though, we are exposed to exploration.

是的。早安，謝謝你的提問。是的，我們確實將此視為未來工作的重點。我們的業務實際上更側重於生產支援活動，來自海上能源服務的收入中有 85% 是由生產活動驅動的。至於其餘部分，我們則有機會進行探索。

I'd say our view is probably mostly in line with consensus in that we continue to believe that deepwater projects are favorably positioned with attractive relative return prospects within our oil and gas customer portfolios. And so we see an increasing share of capital investment from the upstream going into the deepwater and offshore projects. And we see that as being a solid long-term driver and outlook for the business. And in our case, really coupling that with a very tight supply picture with a limited number of available heavy and super medium offshore configured helicopters today.

我認為我們的觀點可能與普遍共識基本一致，即我們仍然相信，在我們的油氣客戶組合中，深水專案具有有利的地位和有吸引力的相對回報前景。因此，我們看到上游資本投資的份額不斷增加，這些投資正流向深水和海上項目。我們認為這是公司長期發展的可靠動力和前景。就我們而言，再加上目前供應情況非常緊張，可供使用的重型和超中型海上直升機數量有限。

Got it. Makes sense. And as a quick follow up, you noted a new aircraft headed to the North Sea, but several drillers have moved their rigs out of Norway in recent years, citing no near-term upside in rates or utilization in that market. Additionally, EMPs are not bullish on the UK energy industry either. Can you expand on why you see the need for newbuilds going into that market?

知道了。有道理。另外，您提到有一架新飛機將飛往北海，但近年來，一些鑽井公司已將鑽井平台遷出挪威，理由是該市場近期內租金或利用率沒有上漲空間。此外，EMP們也不看好英國能源產業。您能否詳細解釋為什麼您認為該市場需要新建船舶？

Yes, fair question, and I appreciate the opportunity to expand upon that. So I would say that we do not see upside or growth in the North Sea necessarily. It is a mature market that over the long run is more likely to decline than otherwise. However, what's going on in this situation is that these are helicopter fleet replacements, so namely, new AW189 that will be replacing legacy S92s that are aging out of the fleet.

是的，問得好，我很感謝有機會詳細闡述這個問題。所以我認為，我們並不認為北海油氣市場有上漲或成長的潛力。這是一個成熟的市場，從長遠來看，它更有可能衰退而不是繼續發展。然而，目前的情況是，這些是直升機機隊的替換，具體來說，就是新的 AW189 將取代機隊中逐漸老化的 S92。

And so we have customers, upstream oil and gas companies, that were looking for a more reliable aircraft, a more modern aircraft. And so it's an opportunity for us to provide that on a secure long-term contract with enhanced profitability, better returns than what they're replacing. So while not growth, this is certainly value accretive for the company.

因此，我們的一些客戶，也就是上游油氣公司，正在尋找更可靠的飛機、更現代化的飛機。因此，我們有機會透過一份安全的長期合約來提供這項服務，提高獲利能力，帶來比他們所取代的服務更好的回報。因此，雖然這並非成長，但無疑會為公司創造價值。

Thanks for the color. I'll turn it back.

謝謝你提供的色彩。我會把它轉回去。

Thank you.

謝謝。

This concludes our question-and-answer session. I'll now turn the call back over to Chris Bradshaw for closing remarks.

我們的問答環節到此結束。現在我將把電話交還給克里斯·布拉德肖，請他作總結發言。

Thank you, Luke, and appreciated the opportunity earlier to talk about what's going on in advanced air mobility and the important developments in that new industry sector for all-electric and hybrid aircraft platforms. As I mentioned, there are some important milestones and developments happening right now. We expect the first aircraft models in that sector to be certified next year, 2026, so really just around the corner.

謝謝盧克，也感謝之前有機會和我談談先進空中交通領域的最新進展，以及全電動和混合動力飛機平台這一新興產業領域的重要發展。正如我之前提到的，目前有一些重要的里程碑和進展正在發生。我們預計該領域的首批飛機型號將於明年（2026 年）獲得認證，所以真的指日可待了。

In theory, Bristow might take delivery of the first of those aircrafts in 2026. However, we think that's less likely. We're not contemplating any contributions in our guidance for next year. It's probably more likely that Bristow would take its potential first deliveries in the 2027-2028 timeframe. But we do believe that advanced air mobility and all-electric and hybrid aircraft are going to be a part of the future of aviation.

理論上，布里斯托公司最快可能在 2026 年接收第一架此類飛機。但是，我們認為這種可能性較小。我們明年的業績指引中沒有考慮任何投資。Bristow 更有可能在 2027-2028 年期間進行首次交付。但我們相信，先進的空中交通工具以及全電動和混合動力飛機將成為航空業未來的一部分。

And as the global leader in vertical flight for the last 75-plus years, we believe there's a role for Bristow to play there and are excited about the partnerships we're developing with some of these OEMs and pursuing market opportunities together. We also remain excited about the growth that we're projecting for the business next year with that 27% increase in adjusted EBITDA, which we see as really a positive differentiator for the company. With that, we appreciate everyone's time today. I hope you stay safe and well. We'll talk again next quarter. Thank you.

作為過去 75 年來垂直飛行領域的全球領導者，我們相信 Bristow 可以在這個領域發揮作用，並且我們對與其中一些 OEM 廠商建立的合作關係以及共同尋求市場機會感到興奮。我們對公司明年的成長前景依然充滿信心，預計調整後 EBITDA 將成長 27%，我們認為這對公司而言是一個真正的正面差異化優勢。在此，我們感謝大家今天抽出時間。希望你平安健康。我們下個季度再談。謝謝。

This concludes today's call. You may now disconnect at any time.

今天的電話會議到此結束。您現在可以隨時斷開連線。